Monday, August 24, 2015
DOOOOOM: here's what you need to know
Jeffrey Saut this weekend said that a bottom is never put in on a Friday - it usually takes a dry-retch on Monday to end the insanity. Oh well. I guess I bought a short VIX position too early again.
Here's some reading for the morning:
Schwab - perspective on recent market volatility. Seems they're not expecting a 50% collapse in stocks, unlike Henry Blodget and Josh Brown. Then again, Schwab don't have to click-whore for their paycheque, do they?
Bespoke - past weekly drops of >5%. Seems the drops don't go on forever. Unless it's 2008, which everyone in the blogosphere thinks it is.
Marketcrotch - investors haven't piddled this many frilly pink panties since 2009. And we're not in 2009 right now. With Jeffrey Saut's comments.
Josh Brown - my little trick for coping with a correction. Basically, plan out the deadly deals you'll be able to buy at the bottom. Then you'll be rooting for lower prices! Great way to turn around your own psychology! Really, surprisingly sensible commentary from a guy who on Friday was saying we're going to see another 1987 or 1929 (was crack on special Friday?!?) market collapse.
Mining.com - hedge funds reverse historic bearish position. So how's that "barbaric relic" and "worthless rock" looking now that you're facing the apocalypse, guys? Hm? Fact is, gold did not go down last month because blah blah rate hike or blah blah US dollar strength: it went down simply because Shanghai Chaos dumped $3B notional into an empty book during premarket on a Japanese holiday.